It was a lackluster day after the fireworks of the past two days, but it is to be expected after all the magnitude of the past few days worth of gains. As Mike points out, most of the indices are already overbought or near overbought which points to consolidation at a minimum. Aggresive traders can short into a pullback with the realization that a rally can resume at any point. It really is a tricky time to trade with counter rallies spurring short covering in a bearish environment. You can add the elections as a possible reason for a rally at this point according to both this article and this one. That being said, I am posting a few shorts below in the case that this rally is over.
CYMI has worked it's way up to the descending trendline as has some indecisive action there. For those of you that suscribe to the "max pain" theory, max pain for CYMI is 40, so it will be interesting to see if it gets taken down tomorrow.
Much of the same here with ATHR, except we have a nice shooting star. Max pain is 17.50 for ATHR.
NTRI is working it's way sideways under resistance. It could fall apart when it runs into the descending trendline in the next couple of days.
Good Luck to those trading tomorrow and have a nice weekend.
DT
Subscribe to:
Post Comments (Atom)
0 comments
Post a Comment